Mannai Corporation Holds Ordinary General Assembly Meeting
(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Mannai Corporation QPSC (Qatar Exchange: MCCS) held an Ordinary General Assembly Meeting virtually using the Zoom application platform yesterday at 9.30 p.m. in Doha.
Sheikh Suhaim bin Abdulla bin Khalifa Al Thani, Vice Chairman of the Company, chaired the meetings and highlighted the company's financial performance in 2023.
Group Revenue for the year grew by 6 percent to QR5.67bn, driven by the Information and Communication technology business reached nearly QR3bn Revenues, representing more than half of the total Revenue of the Group, Jewellery business continuing its year on year growth by 17 percent over last year and the Automotive Group revenues grew by 8 percent over last year.
Group Gross Profit was above QR1bn, an increase of 16 percent compared to QR867m last year as a result of improved Gross Profit margins along with the Revenue growth.
Earnings before Interest and Taxes (EBIT) for the period were QR425m. On a like-for-like basis, excluding profits from discontinued operations and related provisions, this was an increase of QR91m compared to last year.
Group Net Profit for the year was QR170m, down by QR15m compared with the previous year due to the increased interest costs.
Earnings per share amounted to QR0.37 and the Board declared a dividend distribution of 25 percent of the nominal value of the share, equating to QR0.25 per
share.
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